Juan David is an enterprising young man who works as a day laborer because of his lack of education and the few opportunities that exist for regular employment. Currently he is working on a daily basis on a farm. His employer has told him that he will rent out a part of his land to Juan David on which to grow crops. He has great hopes of this venture and wants to start by growing potatoes.
To start the process Juan David needs a loan to buy seed potatoes and an irrigation system as he doesn't have enough money of his own. His greatest dream is to generate enough income to improve his family's standard of living.
Juan David es un joven emprendedor que se ha dedicado a laborar al jornal debido a la carencia de educación y a las pocas posibilidades que tiene para emplearse. En la actualidad se encuentra trabajando en una finca como jornalero, su patrón le ha manifestado que le prestará una parte de su tierra para que siembre cultivos, el tiene muchas expectativas y desea iniciar con un cultivo de papa. Para lograr su propósito necesita de un crédito para la compra de semillas y riego ya que no cuenta con los recursos para hacerlo. Su mayor sueño generar mayores ingresos para mejorar la calidad de vida de su familia.
This loan is structured on Kiva as a bullet loan, which means a single payment is required at the end of the loan term. By Colombian law, Kiva's partner Interactuar is required to offer borrowers loans with a variable interest rate that fluctuates with the market rate. Because fixed monthly payments are applied first to interest and then to principal, Interactuar is unable to predict upfront what portion of each repayment would go towards the loan principal. This creates a challenge with Kiva's system, which doesn't allow for unpredictable principal payments, and can result in some Interactuar clients appearing falsely delinquent. To remedy this, the loan has an end-of-term repayment plan on Kiva, but the borrower will continue scheduled monthly repayments to Interactuar, who will then pass along the principal amount to Kiva lenders. This means that you may see repayments made on this loan throughout the repayment term, as opposed to receiving repayment in full at the end of the loan term.